Newsmakers: BSE may dip if NDA loses Bihar, Sachin to ring NYSE bell and more

Market on dips if PM Modi-led NDA loses Bihar: As exit polls by various agencies suggest a close race between NDA and JDU-led Grand Alliance with a slight advantage for the latter in the Bihar elections, international brokerage firm CLSA said BJP-led alliance's loss will lead to more press hype that Prime Minister Narendra Modi's honeymoon period is over and that his reforms are failing.

Govt unveils scheme to revive discoms: The Union Cabinet, headed by Prime Minister Narendra Modi, approved a scheme to ease the financial crunch facing power distribution companies, or discoms, that has impaired their ability to buy electricity. Power Minister Piyush Goyal said state governments, which own the discoms, can take over 75 per cent of their debt as of September 30 and pay back lenders by selling bonds. For the remaining 25 per cent, discoms will issue bonds.

SBI beats forecasts with 25% rise in net profit: State Bank of India, the nation's top lender by assets, reported a better-than-expected 25 per cent increase in quarterly profit on the back of higher interest income and a drop in bad loans, driving its shares up over 4 per cent.

Dr Reddy's gets warning letter for three plants: Hyderabad-based Dr. Reddy's Laboratories has received a warning letter from the US Food and Drug Administration wherein the drug regulator has sighted its observations for the company's three facilities, the pharma major informed the Bombay Stock Exchange. The letter has sighted observations for not only the company's facilities at Srikakulam, Andhra Pradesh but also for its plant in Miryalaguda, Telangana and its Oncology Formulation manufacturing facility at Duvvada, Andhra Pradesh.

Tendulkar, Warne to ring opening bell at NYSE: Indian batting great Sachin Tendulkar and legendary Australian spinner Shane Warne will ring the opening bell at the New York Stock Exchange on Friday, becoming the first cricketers to perform the ceremonial activity at the world's largest stock exchange. Tendulkar and Warne will visit the stock exchange to highlight the inaugural cricket series which will take place in New York, Houston and Los Angeles. They will ring the opening bell at 9:30 am New York time that will mark the start of the trading day. The historic tour marks the first time Tendulkar and Warne will play on US soil.